Wusu Rural Commercial Bank granted a credit of 6 billion yuan to ensure cotton acquisition
In order to fully guarantee the funding needs for cotton purchase this autumn, Xinjiang Wusu Rural Commercial Bank has set up a separate credit plan. As of October 8, the bank has granted 6 billion yuan in credit to 105 local cotton purchasers, accounting for approximately 10% of the total purchase price. 70% of the total capital requirements can help companies successfully acquire 1.1 million tons of cotton.
As the main cotton producing area in northern Xinjiang, Wusu has a cotton planting area of more than 4 million acres this year, accounting for about 11% of the total cotton planting area in Xinjiang. It is expected to produce more than 1.8 million tons of seed cotton annually. Since July, Wusu Rural Commercial Bank has begun a new round of thorough visits to cotton purchasing companies within its jurisdiction, understanding the business plans and actual conditions of cotton companies one by one, formulating credit plans for each household, and accurately granting credit to the purchasers. Enterprises take “reassurance”.
In order to overcome the adverse impact of this round of epidemic, Wusu Rural Commercial Bank quickly launched an emergency plan for prevention and control, and formulated a special plan for the investment of credit funds for cotton purchase, and organized more than 40 account managers to communicate through phone, WeChat, Video and other online methods provide online financial services to cotton companies. While completing the loan process such as pre-loan investigation, online submission for approval, and online signing, we will open a green channel for cotton acquisition funds to apply for loans and activate a gap-tolerance mechanism to fully protect the acquisition fund needs of cotton companies.
In the next step, Wusu Rural Commercial Bank will continue to keep up with the pace of cotton enterprise acquisitions and make every effort to ensure that acquisition funds are transferred to cotton farmers in full and in a timely manner, ensuring the smooth return of millions of tons of cotton to warehouses.
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